Finance, the flagship company of the Muthoot Group, has launched a new loan scheme targetting small and medium enterprises (SMEs) for their working capital requirements. Under the scheme, Muthoot Finance will disburse gold loans above Rs 10 lakh at an interest rate of 12 per cent per annum, said Babu John Malayil, Deputy General Manager, Muthoot Finance. “The company expects to grow its customer base in the high ticket loan category from the current 4 per cent to 10 per cent by June 2018. This loan will be now available through our all 4,200 branches, including the 599 branches across Andhra Pradesh and Telangana,” Malayil told reporters here today.
At the end of September 2017, Muthoot Finance Ltd’s current Assets Under Management (AUM) in the two states stands at Rs 4,146 crore (Rs 2,257 crore in Andhra Pradesh and Rs 1,889 crore in Telangana), he said adding the company till date has served a customer base of 17,09,971 in these two states.
Source: Financial Express